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As you already know, your vehicle’s premium price depends on variables such as gender, location, age, car type, and even credit. Regardless of how much or how you drive, plus other factors, have resulted in almost 70% of uninsured vehicles in LATAM. Risky or persistent drivers are subsidized by those who drive less and better, increasing the average prices for everyone else.

Considering this, we innovate and develop technology based on IoT (Internet of Things), leveraging real-time data sourced from cars and drivers to deliver enhanced end-user services. This helps insurers provide premiums designed for the needs of drivers. Pay As You Drive (PAYD) and Pay How You Drive (PHYD) are two of the most popular usage-based insurances (UBI) we offer. 

Pay As You Drive

This model depends on how much you drive. After installation, the onboard device will automatically collect the vehicle data, logging your mileage. PAYD can help you save money on insurance if you don’t drive a lot, like when you only use the car once a week to get groceries, unlike someone who takes it daily to work.

Pay How You Drive

Meanwhile, Pay How You Drive promotes safety by calculating the premium price based on the driver’s safety score. Aggressive driving indicators like speeding, hard acceleration, or braking are driving behavior data considered in the evaluation. Safer driving traits reward the user with better insurance pricing.

“In auto insurance, there are a lot of people that combine the use of their own vehicle with public transportation. So they do not really use their vehicle so much. And that’s where “Pay as You Drive” products come alone. And in our case, we have more than 25% of our users that really didn’t have insurance before. And that is great because the fact that they are paying -40% of their premiums, and still being profitable for the insurance company, gives them the protection that they need.”

—Rodrigo Labbé, CEO & CoFounder of Jooycar

As you can see, Jooycar’s technology has created an overall saving ecosystem, promoting and rewarding good driving habits. Together with our insurance partners, we have made auto insurance affordable, providing a great opportunity and solution to the insurance industry.


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